Description:This is a genuine Spanish silver coin that was minted during the reign of King Philip V in the colonial South American mint of Potosi, Peru. Philip V, from the Bourbon Dynasty, was King of Spain from 1700 until his death in 1746. He ruled during a prosperous time for the Spanish Empire as trade grew steadily within its territories in Europe, the Americas, Asia and Oceana. The Bourbon reforms of Philip V and his son Ferdinand VI, included a major modernization of the Spanish Navy. This enabled Spain's crucial victory in the 1741 Caribbean port Battle of Cartagena de Indias against a massive British fleet and army, allowing Spain to secure its dominance of Spanish America until the 19th century.
With the discovery of untold riches that were mined in the Americas throughout the 16th to 18th centuries, the Spanish and their mighty galleon fleets were the premier supplier of gold and silver coins for the world. However, during this adventurous age, it was inevitable that large amounts of Spanish treasure would be lost on land and at sea due to pirates, storms and other unforeseen misfortunes.
The obverse side of this coin features a Jerusalem cross with castles and lions in the quarters and the reverse shows the Pillars of Hercules with the date, mintmark and assayer. Minted in five denominations in silver, the largest was the 8 reales, famous in the colonies as a “piece of eight.” Spanish coins, known as "cobs", that circulated in this epic era were hand struck from dies and cut to weight, making each a one-of-a-kind piece of history.